SL Green Realty Corp. Declares Monthly Dividend of $0.25 (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, November 18th,Wall Street Journal reports. Shareholders of record on Friday, November 29th will be given a dividend of 0.25 per share by the real estate investment trust on Monday, December 16th. This represents a $3.00 annualized dividend and a yield of 3.87%. The ex-dividend date is Friday, November 29th.

SL Green Realty has raised its dividend payment by an average of 1.0% annually over the last three years. SL Green Realty has a dividend payout ratio of -156.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect SL Green Realty to earn $5.34 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 56.2%.

SL Green Realty Stock Performance

SLG traded up $1.27 during trading on Tuesday, hitting $77.61. The stock had a trading volume of 455,180 shares, compared to its average volume of 959,421. The firm has a market cap of $5.12 billion, a PE ratio of -30.54, a P/E/G ratio of 2.00 and a beta of 1.82. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06. SL Green Realty has a 12 month low of $32.78 and a 12 month high of $82.81. The company has a 50 day simple moving average of $72.99 and a 200-day simple moving average of $63.60.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The firm had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same quarter in the prior year, the firm earned $1.27 earnings per share. Analysts expect that SL Green Realty will post 7.61 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 11th. Scotiabank raised their price target on shares of SL Green Realty from $68.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and upped their price objective for the company from $44.00 to $66.00 in a research note on Friday, September 13th. Compass Point set a $65.00 price target on SL Green Realty and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Evercore ISI lifted their price objective on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and a consensus price target of $65.57.

About SL Green Realty

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.